Phillips 66 (NYSE:PSX) Hits New 1-Year Low After Analyst Downgrade

Phillips 66 (NYSE:PSX - Get Free Report)'s share price reached a new 52-week low on Wednesday after Scotiabank lowered their price target on the stock from $136.00 to $133.00. Scotiabank currently has a sector outperform rating on the stock. Phillips 66 traded as low as $91.18 and last traded at $92.51, with a volume of 4681518 shares changing hands. The stock had previously closed at $96.59.

Several other analysts also recently issued reports on PSX. Piper Sandler downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 10th. Mizuho dropped their target price on Phillips 66 from $140.00 to $132.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Barclays reduced their price target on Phillips 66 from $135.00 to $106.00 and set an "equal weight" rating for the company in a research report on Thursday. Raymond James lowered their price objective on shares of Phillips 66 from $150.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Finally, StockNews.com cut shares of Phillips 66 from a "hold" rating to a "sell" rating in a report on Sunday, March 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $142.00.

Institutional Trading of Phillips 66

Several institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the period. Norges Bank acquired a new stake in shares of Phillips 66 during the 4th quarter worth about $497,648,000. Raymond James Financial Inc. bought a new stake in shares of Phillips 66 during the 4th quarter worth about $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in Phillips 66 in the 4th quarter valued at about $142,185,000. Finally, GAMMA Investing LLC raised its holdings in Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after acquiring an additional 1,181,240 shares during the period. Institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

The company's 50-day simple moving average is $120.96 and its 200-day simple moving average is $123.50. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The stock has a market capitalization of $40.03 billion, a price-to-earnings ratio of 19.87, a P/E/G ratio of 4.84 and a beta of 1.17.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period last year, the business earned $3.09 earnings per share. Research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a dividend of $1.15 per share. The ex-dividend date was Monday, February 24th. This represents a $4.60 annualized dividend and a dividend yield of 4.69%. Phillips 66's dividend payout ratio is presently 93.12%.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.